Tishman Speyer Buys Chrysler Building for $235 Million
Tishman Speyer purchased the Chrysler Building for $235 million and announced extensive renovations to the Art Deco skyscraper and a new lease with Cooper Union.
Commercial landlord Tishman Speyer and a group of investors purchased the Chrysler Building for $235 million, ending a period of financial instability and neglect under previous owners Signa and RFR. The firm, which previously owned the skyscraper from 1997 to 2008, plans a substantial renovation of the Art Deco landmark. These upgrades include a total overhaul of the elevators, polishing the stainless steel crown, and converting the 61st floor into a tenant clubhouse with a terrace.
Beyond office space, the developer will introduce wellness and fitness services in the arcade space below the lobby. The acquisition includes a new sustainable ground lease agreement with the Cooper Union, the private college that owns the land beneath the building. The college utilizes these lease payments to fund full-tuition scholarships for its undergraduate students.
The deal follows a turbulent period for the property. The former owner, Austrian real estate company Signa, filed for insolvency in 2023, and a judge terminated the lease of former owner RFR last year.
